Qorvo (NASDAQ:QRVO) Shares Gap Up Following Better-Than-Expected Earnings

Qorvo, Inc. (NASDAQ:QRVO)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $84.67, but opened at $91.29. Qorvo shares last traded at $86.39, with a volume of 1,748,770 shares trading hands.

The semiconductor company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.30. Qorvo had a net margin of 2.21% and a return on equity of 12.67%. The company had revenue of $818.80 million for the quarter, compared to the consensus estimate of $775.61 million. During the same period in the prior year, the firm posted $0.87 EPS. The company’s quarterly revenue was down 7.7% compared to the same quarter last year.

Analysts Set New Price Targets

QRVO has been the subject of several research analyst reports. Needham & Company LLC upped their target price on shares of Qorvo from $90.00 to $104.00 and gave the company a “buy” rating in a report on Wednesday. Citigroup restated a “sell” rating on shares of Qorvo in a report on Tuesday, June 10th. Stifel Nicolaus upped their target price on shares of Qorvo from $75.00 to $88.00 and gave the company a “hold” rating in a report on Wednesday. Barclays upped their target price on shares of Qorvo from $70.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, UBS Group upped their target price on shares of Qorvo from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $98.74.

Insider Activity at Qorvo

In other news, Director John R. Harding sold 1,450 shares of the firm’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $70.09, for a total value of $101,630.50. Following the completion of the sale, the director owned 7,597 shares in the company, valued at approximately $532,473.73. This trade represents a 16.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.41% of the company’s stock.

Institutional Trading of Qorvo

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in shares of Qorvo by 16.3% in the 4th quarter. JPMorgan Chase & Co. now owns 649,631 shares of the semiconductor company’s stock worth $45,429,000 after acquiring an additional 91,120 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Qorvo in the 4th quarter worth $1,327,000. American Century Companies Inc. lifted its stake in shares of Qorvo by 5.0% in the 4th quarter. American Century Companies Inc. now owns 30,467 shares of the semiconductor company’s stock worth $2,131,000 after acquiring an additional 1,443 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Qorvo by 10.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,561 shares of the semiconductor company’s stock worth $547,000 after acquiring an additional 717 shares during the period. Finally, Commonwealth Equity Services LLC lifted its stake in shares of Qorvo by 10.6% in the 4th quarter. Commonwealth Equity Services LLC now owns 8,635 shares of the semiconductor company’s stock worth $604,000 after acquiring an additional 827 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Price Performance

The company has a market cap of $8.03 billion, a price-to-earnings ratio of 101.77, a PEG ratio of 2.26 and a beta of 1.39. The company has a current ratio of 2.77, a quick ratio of 1.95 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average price is $82.90 and its 200 day moving average price is $75.99.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.